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Myths of Credit Repair !

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Shawpiro

Shawpiro

Joined: 31 Dec 2007
Shawpiro's page
Posts: 53
Location: Austin Tx


2520 Magic Points

Subject: Myths of Credit Repair !
 
Posted on Fri Jan 25, 2008 11:55 am  

Guys Im not here to toot my own horn. I just get really frustrated with all the misconceptions about how to do this and how to do that on your credit bureaus. The 1st misconception is paying collection agencies on an old debt. When you pay the collection agency you open the door for that to show up for another 7 years from the last activity. It shows up as a collection and payed but it DOES NOT HELP YOUR SCORE showing that way. 2nd collection agencies want to help you. That is the greatest myth ever concieved. They have no reason to help you. They bought your debt from the lender that has already written the debt off. All they want to do is try and make you pay them so that the money they spent isnt wasted. It does not benefit you in any way to pay them. They cant prove you owe the debt in 90% of the cases. Let them run their course and back them into a corner and make them prove that you owe the debt if you feel like you need to do that. But a paid off collection does not help your score in any way form or fashion period. 3rd Things cant be deleted form your credit bureau. Things can and do get deleted everyday. I see bankruptcies, foreclosures, reposessions, credit card charge offs, garnishments and more deleted everyday. By law the credit bureaus have 30 days after you challenge something to either document it or remove it. Its that simple and its the law! READ the Fair Credit Reporting Act section 611. Its not economically feaseble for them mto have every document on every loan on every person in the U.S. In fact its impossible. We sued the credit bureaus over 300 times in 2006 and over 400 times in 2007 they are not GOD ALMIGHTY they are just a company that it is in their best interest to report anything negative on your report and mine to make the banks and other lenders think their service is worth what they pay them to view their reports. Dont ever forget that they are private companies making money reporting others misfortune. They are leaches on society just like the collection agencies. Ok enough on that as you can tell I hate the bureaus and collection agencies. 4th All credit repair companies are scams and just take your money doing something that you can do for yourself. Yes you can challenge any negative and with time and effort get things removed from your credit bureau. I have always said this and will continue to promote this. Now lets get over that and get to the heart of the matter. Do you have the time and expertise to get this done. In most cases no! If you do you are one of the few. You can also fix your cars transmission if you have the time, tools and the knowhow. So now are all the transmission repair places going to suffer now that I have revealed that to you. I dont think so. So get over it. The credit repair companies are better at getting things removed from your bureau that you are. They can do it faster and have more success than you could ever achieve yourself. There are some out there that have less than satisfactory performance records and yes that is a problem with this industry. But there are some out there that are impecable in their performance and do what they promise and do it very very well. There are good used car dealerships despite the industries reputation. There are good lawyers out there despite the reputation that that field has. AND there are good credit repair companies out there despite what all these know it alls say. I know. I happen to work for one. Some people really do like helping people and I happen to know a company that does this on a daily basis and has not had one complaint filed with the Better Business Bureau EVER. I also know one that is endorsed by the largest online magazine for real estate and mortgage brokers that is read by over 300,000 professionals every week. Your credit score unfortunately determines your future in our society. Why would you dare to try and work on something that important when you dont have a clue as to what you are doing. This makes no sence to me at all. Check out the credit repair companies companies very very carefully and if you need help and want professional service hire one to help you by all means. Your future depends on what you do and how you do it concerning your credut bureau reports. And might I add your families future depends on the decisions you make.
Ok my soap box caved in on me so I guess Im through. I hope those that read this will take it to heart because I do care and so should you.
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Glynis Shaw
www.scorefix.net

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Morningstar

Morningstar

Joined: 17 Apr 2007
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Posts: 576



11 Magic Points

 
Posted on Fri Jan 25, 2008 1:32 pm  

From the FCRA:

Quote:
The 7-year period referred to in paragraphs (4) and (6)3of subsection(a) shall begin, with respect to any delinquent account that is placed for collection(internally or by referral to a third party, whichever is earlier), charged to profit andloss, or subjected to any similar action, upon the expiration of the 180-day periodbeginning on the date of the commencement of the delinquency which immediatelypreceded the collection activity, charge to profit and loss, or similar action.

_________________
I don't dream since I quit sleeping
Shawpiro

Shawpiro

Joined: 31 Dec 2007
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Posts: 53
Location: Austin Tx


2520 Magic Points

Subject: Section 611
 
Posted on Fri Jan 25, 2008 1:39 pm  

Also from the fair credit reporting Act.

Quote:
(A) In general. Subject to subsection (f), if the completeness or accuracy of any
item of information contained in a consumer's file at a consumer reporting
agency is disputed by the consumer and the consumer notifies the agency
directly, or indirectly through a reseller, of such dispute, the agency shall,
free of charge, conduct a reasonable reinvestigation to determine whether
the disputed information is inaccurate and record the current status of the
disputed information, or delete the item from the file in accordance with
paragraph (5), before the end of the 30-day period beginning on the date on
which the agency receives the notice of the dispute from the consumer or
reseller.

_________________
Glynis Shaw
www.scorefix.net

325-372-8861 P#
512-436-9008 Fax#
Shawpiro

Shawpiro

Joined: 31 Dec 2007
Shawpiro's page
Posts: 53
Location: Austin Tx


2520 Magic Points

Subject: Also from the FCRA
 
Posted on Fri Jan 25, 2008 1:43 pm  

Quote:
(5) Treatment of Inaccurate or Unverifiable Information
(A) In general. If, after any reinvestigation under paragraph (1) of any
information disputed by a consumer, an item of the information is found to
be inaccurate or incomplete or [b]cannot be verified, [/b]the consumer reporting
agency shall–
(i) promptly delete that item of information from the file of the consumer,or modify that item of information, as appropriate, based on the results
of the reinvestigation; and
(ii) promptly notify the furnisher of that information that the information
has been modified or deleted from the file of the consumer.

_________________
Glynis Shaw
www.scorefix.net

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512-436-9008 Fax#
Shawpiro

Shawpiro

Joined: 31 Dec 2007
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Posts: 53
Location: Austin Tx


2520 Magic Points

Subject: Posted in another blog !
 
Posted on Fri Jan 25, 2008 2:23 pm  

Quote:
Credit Reinsertion Program Proves To Be An Alternate To Credit Repair, Wins Industry Praise
January 12th, 2008

Texas Credit Restoration Alliance found on the Web has been recognized by two of the housing industries largest electronic publications, MortgageTrends, and RealEstatePro News, as being the company of choice for a consumer who needs help raising their credit scores nationwide.

C.E.O./ President, Larry Brumfield, a Horseshoe Bay resident and a former resident of Kingsland Texas for the past twenty years is the mastermind behind the company’s success. Texas Credit Restoration Alliance is a membership based association that offers over 20 member benefits to its members, all relating to help the member re-insert themselves back into the credit driven society.

Credit scores have never been as important as they are in present day time, and TCRA raises the average member’s credit scores an average 127 points at all 3 credit bureaus.

_________________
Glynis Shaw
www.scorefix.net

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Shawpiro

Shawpiro

Joined: 31 Dec 2007
Shawpiro's page
Posts: 53
Location: Austin Tx


2520 Magic Points

Subject: You Think?
 
Posted on Fri Jan 25, 2008 2:43 pm  

Do you think I might have a little knowledge on what Im talking about?
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Glynis Shaw
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fred333



Joined: 22 Jan 2008
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Posts: 25



814 Magic Points

 
Posted on Fri Jan 25, 2008 2:48 pm  

Nice write up. Really enjoyed reading it.
_________________
Trying to find debt settlement in my life.
Shawpiro

Shawpiro

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Posts: 53
Location: Austin Tx


2520 Magic Points

Subject: Thanks!
 
Posted on Fri Jan 25, 2008 2:51 pm  

With the last 2 postings I was just trying to establish a little credability.
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Glynis Shaw
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Shawpiro

Shawpiro

Joined: 31 Dec 2007
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Posts: 53
Location: Austin Tx


2520 Magic Points

Subject: I forgot to mention.
 
Posted on Fri Jan 25, 2008 3:08 pm  

Debt consolidation companies. Debt consolidation is considered almost as bad as bankruptcy. It does more harm than good on your credit bureas.
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Glynis Shaw
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Morningstar

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11 Magic Points

 
Posted on Fri Jan 25, 2008 4:13 pm  

I only wanted to clear the air about paid collections and the seven year limitation on reporting. You certainly can quote the FCRA.

Quote:
With the last 2 postings I was just trying to establish a little credability.


Since you brought it up, perhaps you can explain to the rest of the community what PRWeb is. Me, I've never considered credibility to come from documents seemingly generated by PR firms, especially regarding claims that are not readily, if at all, verifiable. As to whether your company is beneficial to, or predacious upon consumers is something only time will tell; in the apparent absence of anything positive or negative about TCRA on the web, I cannot pass judgment.
_________________
I don't dream since I quit sleeping
Shawpiro

Shawpiro

Joined: 31 Dec 2007
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Posts: 53
Location: Austin Tx


2520 Magic Points

Subject: PRweb !
 
Posted on Fri Jan 25, 2008 4:36 pm  

I have no idea what PRweb is. I do know that Mortgage Trends and Real Estate Pro News are 2 of the largest online publications regarding mortgage news and the real estate business on the web and they gladly endorsed us with out any proding. By the way we have been in business since 1990. And you also have a knack for quoting the FCRA. Im glad someone in here actually reads it. There wasnt ever any mention of the 7 year reporting of paid collections in my posting so the air was perfectly clear as far as I could tell. The bulk was regarding the removal of negatives and other myths of credit repair.
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Glynis Shaw
www.scorefix.net

325-372-8861 P#
512-436-9008 Fax#
Morningstar

Morningstar

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Posts: 576



11 Magic Points

 
Posted on Fri Jan 25, 2008 5:00 pm  

Quote:
When you pay the collection agency you open the door for that to show up for another 7 years from the last activity.


The key word is another.
_________________
I don't dream since I quit sleeping
Laura

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Posts: 1327



36305 Magic Points

 
Posted on Sat Jan 26, 2008 6:32 am  

As the debate goes on between the industry professionals, we the layman are the benefiters. These discussions are serious and very important for us to understand the differences between half knowledge and thorough study.
I appreciate both your time and patience to say (by Shawpiro) and counter(by morningstar) at the same time. I think in this way we get to learn the pros and cons of the credit repair process and of course the FCRA.
_________________
Regards,
Laura.
Shawpiro

Shawpiro

Joined: 31 Dec 2007
Shawpiro's page
Posts: 53
Location: Austin Tx


2520 Magic Points

Subject: According to the law !
 
Posted on Sat Jan 26, 2008 6:40 am  

Morningstar is correct as we understand it. I have looked at hundreds of credit bureaus and the debtors sometimes see it or interpret it another way. I have seen the 7 yrs start over again with the last activity and have had to dispute this also with the debtors and most of them gave in but not all until we threatened to sue. Thats why I mentioned the door has an opportunity to open for another 7 years. The debtors and the bureaus will do this to you if they feel they can get away with it. Its a common practice. You should all be aware of this. Especially with the collection agancies.
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Glynis Shaw
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debtstinker



Joined: 03 Nov 2007
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Posts: 272



0 Magic Points

 
Posted on Sat Jan 26, 2008 12:15 pm  

Feeling a little hot in here Wink i have to agree with Laura, it is very interesting and insightful to read these postings as my hubby and i are trying to clean up our credit so we can buy a home. we were already approved but we still need to clean that up in order to potentially get a better rate and even more money. we're looking now but it's nice to know that if we don't find a home within the allotted time period dictated by our lender (90days from now) then we can always reapply all the while repairing or attempting to repair our credit. very nice all! happy saturday

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